Bill > SB707

This bill establishes a Lava Zone Insurance Fund to help homeowners in Hawaii's most volcanically vulnerable areas (Lava Zones 1 and 2) afford property insurance. Specifically, the fund will subsidize insurance premiums for low-income homeowners who live in areas with high volcanic hazard risk, as defined by the United States Geological Survey. Lava Zone 1 includes volcanic vents in the summits and rift zones of Kilauea and Mauna Loa that have been repeatedly active in recent history, while Lava Zone 2 includes areas adjacent to and downslope of Zone 1. The fund will be financed through legislative appropriations, gifts, donations, grants, and potential fees or penalties. To qualify for the subsidy, homeowners must: own the property as a primary residence (not an investment property), be part of a low-income household as determined by the U.S. Department of Housing and Urban Development, and meet other criteria to be established by the Department of Commerce and Consumer Affairs. The bill aims to promote fairness and help prevent homeowners from losing their properties due to high insurance costs in these high-risk volcanic areas, with an initial funding period set for fiscal years 2025-2026 and 2026-2027.

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https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=707&year=2026